Wembley plc, the track based gaming company, has sold Keith Prowse, its corporate hospitality business, to management in a £6 million deal
The management team seized the opportunity to undertake the buyout when parent company Wembley plc announced that the Keith Prowse business was no longer core to its group.
The management team, comprising Peter Selby and AK Than, had been running the business for the past 15 years, and had been instrumental in building the business to become the UK’s leading corporate entertainment provider. It has exclusive contracts at prestigious events including St Andrew’s, Wimbledon, Cheltenham and Lords.
The buyout team and its funding was negotiated by Andrew Thomson of HMT who, on behalf of management, secured a £2.5 million investment from Northern Venture Managers supported by a £2 million term loan from Lloyds TSB Acquisition Finance.
“As a result of its excellent track record, strong management team and the quality of its hospitality programme, there was a concern that Keith Prowse would attract competing offers from trade purchasers,” explained Andrew Thomson of HMT. “As such, it was essential that the transaction was completed quickly. Within four weeks of being appointed, heads of agreement were negotiated and offers received for both venture capital and bank funding. Completion followed eight weeks later.”
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